How a large insurer increased revenues by automating dental plan selection with configurable business rules

Context & Challenges

An insurance company is asked by brokers to quote employee dental plans. The company typically competes with five to ten other carriers. Out of a set of available plans in the product catalog, they need to select the correct one for the proposal.

To prepare the proposal, the quote specialists review the prior dental plan. They use their best judgment to select the closest matching plan. This is a difficult and error-prone task, because plan design is a complex task with many variables. A lot of errors are made, especially by less experienced employees. Deals tend to be lost if the wrong plan is selected.

Solution

The AVP Quoting Operations & Strategy recognized the opportunity to improve the quality of quotes by automating the plan selection. Together with the Quote Manager, they defined a set of business rules that were added to the extractions performed by SemanticPro Extract & Analyze to support automated decision making.

How it works:

• The system extracts key information from the prior dental plan
• It then automatically selects the best matching dental plan based on a custom set of rules
• A scoring report provides full explainability of results

The Cortical.io Difference

• The rule-based system selects plans with a higher accuracy than quoting specialists
• As a result, the quotes better match prior plans and the closing rates are higher, which means more revenue for the insurance carrier
• Automated plan selection also shortens the time needed to prepare quotes, improving both customer satisfaction and operational efficiencies
• This automated process facilitates effective knowledge transfer, enabling faster onboarding of new employees